business life insurance
nounDefinition of business life insurance
1
: insurance on the life of a member of a partnership or upon an officer or stockholder in a corporation payable so as to finance purchase by surviving owners of the insured's interest after the insured dies
2
: insurance on the life of a sole proprietor payable so as to finance the purchase of the business by an outside interest at the owner's death
3
: insurance on the life of a key employee for the benefit of a business concern